I believe the tag should be removed. There are currently 1478 questions with this tag. While it's true that most of those questions involve a default value of some sort, I do not believe that placing all such questions into a general category of "questions that have to do with the default value of anything" adds any value. I do not believe that anybody out there would consider themselves as an expert in default values, and I do not see this as a useful tag.

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    Sincere apologies, by the way, to anybody out there who prides themselves on their extensive knowledge of default things. – Jason C Nov 18 '13 at 0:47